Russians Face Account Freezes on Bybit EU and Revolut Amid New EU Sanctions
Russian citizens are reporting account freezes and restrictions on Bybit EU and Revolut following the European Union’s latest sanctions package targeting crypto operations. The measures affect users based on citizenship rather than residency, causing widespread confusion among those living legally within the EU.
19th EU sanctions package triggers crypto restrictions
On October 23, the European Union approved its 19th round of sanctions against Russia, expanding regulations to cover digital-asset transactions. The new rules require EU-registered platforms to block services for Russian nationals and entities, even if they reside temporarily in European countries.
Crypto platforms such as Bybit EU and Revolut responded swiftly, freezing active accounts and declining new registrations. Users report that withdrawals have been delayed or denied pending “enhanced compliance review.”
What users are experiencing
Numerous Russian clients on social media and forums have shared messages from Bybit EU and Revolut stating that their access was restricted “in accordance with EU Regulation 2025/1749.” Some users living in Germany and Cyprus with valid residence permits say they were still locked out after providing proof of address.
One affected trader wrote: “I hold a Cyprus residence permit and a business account, but Revolut froze everything after a routine KYC check. They just quoted ‘citizenship restriction’ and closed support chat.”
Legal context and broader implications
Under the new framework, EU crypto companies must not “offer wallet, custody, or exchange services to Russian nationals.” This extends earlier 2023 sanctions that previously limited only high-value transactions above €10 000.
Legal experts say the change reflects Brussels’ intention to close remaining loopholes through which digital assets could bypass financial restrictions. However, the citizenship-based nature of the ban raises human-rights concerns, particularly for dual nationals and long-term EU residents.
Impact on the crypto industry
The move has prompted debate within the European crypto sector. Some compliance officers welcome clearer guidelines from regulators, while others warn that overly broad sanctions could harm the region’s competitiveness and push users toward offshore platforms.
Bybit EU’s restrictions mirror similar actions taken by Kraken and Binance in 2023, though this is the first time a European banking service like Revolut has been forced to enforce such wide measures directly against individuals.
The road ahead
Observers expect more cases of account freezes as financial institutions update their compliance systems. Law firms are already reporting inquiries from affected clients considering legal appeals under EU privacy and non-discrimination laws.
Meanwhile, crypto developers and analysts warn that such restrictions may undermine one of blockchain’s core principles — financial neutrality — and accelerate the shift toward fully decentralized platforms beyond the reach of state jurisdictions.
Conclusion
The Bybit EU and Revolut account freezes illustrate how geopolitical policy is increasingly colliding with digital finance. As the European Union tightens control over crypto flows, Russian users once again find themselves on the front line of financial sanctions — this time in the world of digital assets.
Editorial Team — CoinBotLab